Boat refinance question
 

With rates being low I called my lender, Citizens Bank, and asked what their rates are. They stated that rates ran between 7.25% and 9.00% on used boats depending on credit. I asked them what would be needed to refinance and they stated there was a $100 fee and after I paid the fee and they checked my credit they would tell me the rate. I financed $20K for 15 years when I bought the boat and paid off half of that in 3 years. Guess they dont like me paying early. Anyway, no way am I paying $100 for them to change the percent rate on my loan when they alrrady have my title etc. I explained that they either do it at no cost or lose the loan all together. They refused to waive the fee. My credit Union will take the loan at 7.99% which is still over a point lower than where I am at. Is 7.99% pretty good these days on a 1992 boat, $10K loan ?

Contact
 

Ok buddy..
Contact Ellen Donovan at Essex Credit. She'll help you out. It'll cost you nothing to talk to her.
Fire her an email at [email protected]

Tell her Tim Gallagher sent you and I said to waive those Fees...

interest
 

key bank with good credit you'll get 5.7%

Home Equity loans are much cheeper than used boat rates.

Yeah, AmSouth is still offering zero/zero equity lines at prime to borrowers who qualify. No fee, no costs. Pay interest monthly, and coast till you can drop chunks at the principal.

It's just the cheapest money you can find right now (specially since you can usually write off some of the interest - depends on several things but most can do so).

BUT, if you think you can continue your accelerated payoff schedule, you certainly don't want to pay any fees for a re-fi. Won't amount to much in the long run.

My thoughts? If you are a conscientious payer (and it sounds like you are) then Home Equity is the best borrowing tool out there right now.

We are selling the house and moving, hopefully to sunny warm Florida, within the next 6 months so borrowing against the house isnt appealing. Thanx for the other recomendation, Ill give it a try. Debt sucks !